in accordance with the approved privatization programs The State Assets Management Agency of the Republic of Uzbekistan (hereinafter – the “UzSAMA”) announces the commencement of an open international privatization process for 99.35% of the state share in the authorised capital of JSC “Uzagrosugurta” (hereinafter – the “Asset”).

 

Deloitte has been engaged as the lead financial advisor of the Seller («Financial Advisor») as well as for complex vendor due diligence (financial, tax, and legal) of the Asset, to ensure efficient privatization process in line with the global best practices, while PwC has been selected as an independent appraiser.

 

Brief information about the Asset:

 

JSC “Uzagrosugurta” is one of the largest insurance companies in Uzbekistan, which offer 100+ insurance services to legal entities and individuals across all 17 classes of insurance, through a network of nearly 1,000 insurance agents across the country.

 

As of the end of 2024, the Company’s total insurance premiums amounted 418.2 billion UZS. The Company has a credit rating of “Ba3” assigned by the international rating agency Moody’s Investors Service, which confirms its stable financial position.

 

Information about the sales process:

 

The privatization process of the Asset is conducted on an open competitive basis, open to all interested parties on the domestic market and global wise.

 

The sales process will consist of the following two stages:

1. Expression of Interest (“EoI”);
2. Submission of Binding Offers (“BO”).

 

Expression of Interest (“EoI”) stage:

 

At the Expression of Interest stage, interested parties are invited to express their interest by submitting an Expression of Interest application including the following information:

 

1. Brief information about the Participant (including registration certificate and description of business activity);
2. Information on shareholders/participants holding more than 5% share in the charter capital of the Participant (with an indication of ownership share), as well as on the ultimate beneficiaries;
3. Financial statements for the last 3 financial years.

 

The Expression of Interest application may be prepared in Uzbek, Russian or English and must be submitted by 23:59 (Tashkent time) August 22, 2025, to the following email address: jmamadjanov@deloitte.uz.

 

Received applications will be assessed for compliance with the following criteria:

 

• sufficiency of financial resources to acquire the state-owned share;
• absence of any judicial, administrative, arbitration, or other proceedings that could result in a prohibition on participating in the privatization process;
• compliance with the Law of the Republic of Uzbekistan No. 660-II “On Counteracting Legalization of Proceeds of Criminal Activity, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction”;
• neither the Applicant (nor, in the case of a Consortium, any Member of the Consortium), nor its shareholders/participants shall be a state-owned company;
• neither the Applicant (nor, in the case of a Consortium, any Member of the Consortium) shall be included in the public sanctions lists of the European Union and the United States, as well as any of the major international development banks (the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank), or as of the date of submission of the Application, shall be a sanctioned person or entity or the subject of any proceedings or investigation by the aforementioned sanctions authorities. Also, neither the Applicant (nor, in the case of a Consortium, any Member of the Consortium), nor any of its/their affiliated parties shall be in any way involved in any activity (directly or through any subsidiary company) that is contrary to the sanctions regimes of the above-mentioned institutions and states, and neither the Applicant (nor, in the case of a Consortium, any Member of the Consortium), nor any of its/their affiliated parties shall have as main financing parties or creditors any banks or financial institutions that are sanctioned entities, or entities controlled by or belonging to sanctioned entities.

 

Following the completion of the Expression of Interest (“EoI”) submission period, a list of participants who have advanced to the next stage will be formed and UzSAMA will publish a relevant announcement based on the results of this stage. All applicants who expressed interest will be individually informed by Deloitte about the stage’s results and the next stage of the process through a Process Letter.

 

For additional information, please contact:

 

• Jahongir Mamadjanov, Director at Deloitte Uzbekistan: jmamadjanov@deloitte.uz; tel.: +998 90 188 71 11
• Mullajonov Abror, responsible person of Department at UzSAMA: a.mullajonov@davaktiv.uz; tel.: +998 71 259 22 16

 

Information about the next stage of the sales process:

 

Participants who advance to the next stage of submitting Binding Offers (BO) will be required to sign a Non-Disclosure Agreement (NDA), after which they will be granted access to the Virtual Data Room (VDR) and will be provided with basic information about the Target and vendor due diligence reports prepared by Deloitte. The Eligible Participants will be able to make the site visits and run Q&A session with management of the Target.

 

Prior to the submission of Binding Offers (BO), participants will also be provided with the Term Sheet, which outlines the key terms and conditions for the proposed acquisition and further operation of the Asset. Together with submission of Binding Offers, the eligible participants also must make a guaranteed payment in the amount of at least 1% of the proposed bid price.

 

Following the publication of this announcement, Deloitte will undertake comprehensive measures to promote the Asset in international markets, distribute investment teasers through its global office network, and actively engage with strategic investors.

 

UzSAMA, together with its advisor Deloitte, will provide the public with information about each stage of the sales process and ensure that participants are kept informed.

 

Disclaimer:

UzSAMA reserves the right to change the sequence of the sales process or to refuse to sell to any potential buyer(s) or to conduct negotiations with them at any time without providing an explanation of the reason.

 

This announcement, or any part of its content, should not be considered as a form of commitment by UzSAMA regarding the sale of the Asset that could be implied in connection with the publication of this announcement. UzSAMA reserves the right, at its sole discretion, at any time and in any respect, without assuming joint or individual responsibility to:

 

1. amendment to the timeline and procedure of the sale process;
2. follow different procedures for different interested parties and/or negotiate with one or more potential buyers within the schedule and procedure jointly established by UzSAMA, excluding any other potential buyer(s) without prior notice;
3. terminate the sales process for specific reasons;
4. and/or terminate any discussions and negotiations with any potential buyer(s) regarding the Transaction at any time and without providing explanations.